Potential Rising channel USDCADPrice is potentially about to form a rising Chanel towards a 1Hr downward trendline. Awaiting s third touch confirmation on the 5min upward trendline or a touch on the 1Hr downward trendline to confirm a potential drop in price towards Take profit area as label in the chart analysis.
Falcontradingguidance
Rising channel on GBPUSD A potential rising channel might form within the bigger descending channels (pattern within a pattern), the potential rising channel if completed to a touch by the top trendline will confirm a signal of price moving lower towards the 90% Rule. Price from there on might shoot upwards or continue to move lower.
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GBP/JPY, EUR/JPY and USD/CAD on watch for me today.GBP/JPY:
• If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking for a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes up impulsively to and ideally just above our upper trend line, then I'll be waiting for a convincing push back down below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If none of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place any of these trades.
EUR/JPY
• If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking for a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes up impulsively to and ideally just above our upper trend line, then I'll be waiting for a convincing push back down below our rayline followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price pushes up to and ideally just above our rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If none of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place any of these trades.
USD/CAD
• If price pushes down to and ideally just below our lower trend line and the last part of the move is corrective, then I'll be looking for a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes down to and ideally just below our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If price only pushes down to our upper rayline, then again regardless of how price does so I'll be waiting for a convincing push back up followed by a tight flag where I'll again be looking for a reduced risk entry on the break of the flag.
• If none of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place any of these trades.
GBP/USD on watch for me today.GBP/USD:
• If price pushes up to and ideally just above our upper trend line and the last part of the move is corrective, then I'll be looking for a risk entry after a phase line break on either the one hour or the fifteen minute chart because we will have had a completed three touch structure.
• If price pushes up impulsively to and ideally just above either our upper trend line, our upper rayline or our lower rayline, then I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag and if the flag forms just below our lower rayline as illustrated I'll be hiding my stop loss above it for extra protection as illustrated.
• If price pushes up to and ideally just above our lower rayline, then regardless of how price does so I'll be waiting for a convincing push back down followed by a tight flag where I'll be looking for a reduced risk entry on the break of the flag.
• If none of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place any of these trades.
NDX shortFollow your rules and monitor the trade setup.
Disclaimer:
For educational purposes. Do your own analysis.